Adherium Limited (ASX: ADR), a provider of integrated digital health solutions and a worldwide leader in connected respiratory medical devices, announced the successful completion of the retail component of its accelerated non-renounceable entitlement offer (ANREO). The company received subscriptions for $281,040.41 through the retail offer, which, combined with the underwritten component, secures the full subscription amount of $1,400,000.
The retail offer was priced the same as the accelerated institutional component, which closed fully subscribed earlier in June, raising an additional $3,092,395. Key institutional shareholders, including Phillip Thematic Fund (Singapore), BioScience Managers (Phillip Asset Management Ltd) and Trudell Medical, participated in the accelerated offer. Approximately 6% of eligible Adherium shareholders supported the entitlement offer, with the balance allocated to the underwriter, PAC Partners Securities Pty Limited. The sub-underwriters were allocated 223,791,917 shares representing a value of $1,118,959.59.
According to Adherium, the funds raised will be used to expand its operations, including engaging employees and contractors in the US, onboarding more customers and data scientists, recruiting a CEO, and for general working capital. The entitlement offer comprised a one (1) for one (1) offer of approximately 898.5 million new fully paid ordinary shares at an offer price of $0.005 per new share. The company will also issue one unlisted option for every new share issued, with an exercise price of $0.005 and an expiry date of 31 July 2026.
Adherium Interim CEO, Jeremy Curnock Cook, thanked shareholders for their ongoing support, stating, “We will maintain our strategy of being the leading digital solution for the management of respiratory disease, integrating devices and data to optimise outcomes for patients, healthcare professionals and payers.” The retail entitlement shares and attaching options will be issued today. The joint lead managers will receive 6% of total offer proceeds as well as 50 million advisor options on account of professional services provided to the Company.
